On February 25, Chinese company Changshu Fengfan Power Equipment Co. announced that it will invest raised funds amounting to RMB 150 million ($23.8 million) in a square welded pipe project with a planned annual output capacity of 150,000 mt.
In order to extend its production chain, Changshu Fengfan Power Equipment Co. plans to invest RMB 150 million to establish a subsidiary called Fengfan Green Building (Changshu) Co., which will be responsible for production, sales and installation of square welded pipes.
Changshu Fengfan Power Equipment Co. is one of the largest Chinese producers of steel towers used in high-voltage electricity transmission networks. In 2011, the company had sold a total of around 159,000 mt of angel-steel towers and 27,000 mt of steel tube towers.